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Re: Truss backs down on cut to top rate of tax

By: clo2 in ALEA | Recommend this post (0)
Mon, 03 Oct 22 11:11 AM | 22 view(s)
Boardmark this board | The Trust Matrix 		Msg. 47319 of 54851
(This msg. is a reply to 47315 by Cactus Flower)
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Glad to see she can change when needed.

The New York Times

BREAKING NEWS

In a striking reversal, Prime Minister Liz Truss of Britain scrapped a plan to cut taxes on high earners, part of a widely criticized proposal.
Monday, October 3, 2022 3:25 AM ET

The announcement, made by the chancellor of the Exchequer, Kwasi Kwarteng, was a major capitulation by the new conservative government.


Do something positive.


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The above is a reply to the following message:
Truss backs down on cut to top rate of tax
By: Cactus Flower in ALEA
Mon, 03 Oct 22 8:38 AM 		Msg. 47315 of 54851

That's good news. Hardly anyone wanted it. It doesn't produce the growth effects it pretends to. Rich people find ways to pay low rates already: I call it the Romney rule, for the lack of a famous UK equivalent.

The American model of extreme inequality is not something most British people wish for. Nor equality either. Just that those who have a surplus of income and aren't struggling, contribute more, particularly when times are tough.

Prediction - folks will be okay with the rest of the tax cut package and energy subsidies, and will swallow some cuts to services. I assume the markets will also absorb the lesser scale of debt in a much less crazy plan.

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